Commerz Real Buys Office in NYC's Financial District

GFP Real Estate and Northwind Group have sold 100 Pearl St. in New York’s Financial District to Germany-based Commerz Real.

The price was undisclosed. 

GFP Real Estate and Northwind Group signed a contract to acquire the full-block property in 2018 for $308.5 million. The partnership recently completed a $250 million renovation of the building that included the addition of a new food hall, coffee shop, restaurant, and wine bar as well as a new penthouse floor.

Built in 1983, 100 Pearl Street is currently 93% occupied with long-term leases in place beyond 2050. Tenants include NYC Health + Hospitals, the Securities and Exchange Commission, New York Legal Assistance Group and Alger Asset Management.

Adam Spies, Doug Harmon, Adam Doneger and Marcella Fasulo of Cushman & Wakefield arranged the transaction on behalf of the sellers.

Previously known as 7 Hanover Square, 100 Pearl St. comprises 967,886 square feet and is located between Water and Pearl streets.